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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2013	Nov. 07, 2013
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q3
Trading Symbol	CRK
Entity Registrant Name	COMSTOCK RESOURCES INC
Entity Central Index Key	0000023194
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		47,684,516

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2013	Dec. 31, 2012
ASSETS
Cash and Cash Equivalents	$ 228,353	$ 4,471
Accounts Receivable:
Oil and gas sales	39,770	35,734
Joint interest operations	49,757	5,608
Marketable Securities		12,312
Derivative Financial Instruments		11,651
Assets of Discontinued Operations		7,568
Other Current Assets	7,300	5,310
Total current assets	325,180	82,654
Property and Equipment:
Unevaluated oil and gas properties	73,562	112,851
Oil and gas properties, successful efforts method	3,631,009	3,373,695
Other	18,612	18,628
Accumulated depreciation, depletion and amortization	(1,786,370)	(1,546,487)
Net property and equipment	1,936,813	1,958,687
Assets of Discontinued Operations		511,366
Derivative Financial Instruments	1,820
Other Assets	13,576	19,944
Total Assets	2,277,389	2,572,651
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts Payable	120,164	70,552
Deferred Income Taxes		5,340
Accrued Liabilities	60,686	37,001
Derivative Financial Instruments	2,131
Current Portion of Long-term Debt	195,637
Liabilities of Discontinued Operations		33,280
Total current liabilities	378,618	146,173
Long-term Debt	688,260	1,324,383
Deferred Income Taxes	198,942	149,901
Reserve for Future Abandonment Costs	17,147	16,387
Other Non-Current Liabilities	2,183	2,273
Total liabilities	1,285,150	1,639,117
Commitments and Contingencies
Stockholders' Equity:
Common stock – $0.50 par, 75,000,000 shares authorized, 47,684,516 and 48,408,734 shares outstanding at September 30, 2013 and December 31, 2012, respectively	23,842	24,204
Additional paid-in capital	477,590	480,595
Retained earnings	490,807	424,317
Accumulated other comprehensive income		4,418
Total stockholders' equity	992,239	933,534
Total liabilities and stockholders' equity	$ 2,277,389	$ 2,572,651

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2013	Dec. 31, 2012
Common stock, par value	$ 0.50	$ 0.50
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares outstanding	47,684,516	48,408,734

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenues:
Oil and gas sales	$ 111,590	$ 97,141	$ 314,430	$ 291,242
Operating expenses:
Production taxes	4,168	3,098	10,172	9,206
Gathering and transportation	4,478	6,033	13,034	20,854
Lease operating	12,955	12,962	39,123	38,613
Exploration	2,995	1,407	15,342	2,797
Depreciation, depletion and amortization	85,762	91,536	255,973	254,522
General and administrative, net	8,153	8,142	25,996	25,973
(Gain) loss on sale of oil and gas properties	2,165	2,794	2,084	(24,271)
Impairment of oil and gas properties			652	5,350
Total operating expenses	120,676	125,972	362,376	333,044
Operating loss	(9,086)	(28,831)	(47,946)	(41,802)
Other income (expenses):
Gain on sale of marketable securities			7,877	26,621
Realized gain (loss) from derivatives	(3,560)	3,293	1,641	4,658
Unrealized gain (loss) from derivatives	(3,835)	(11,112)	(11,962)	13,498
Interest and other income	423	153	864	675
Interest expense	(20,530)	(15,527)	(57,348)	(41,181)
Total other income (expenses)	(27,502)	(23,193)	(58,928)	4,271
Loss before income taxes	(36,588)	(52,024)	(106,874)	(37,531)
Benefit from income taxes	12,554	7,812	36,792	11,446
Loss from continuing operations	(24,034)	(44,212)	(70,082)	(26,085)
Income from discontinued operations, net of income taxes		13,763	148,609	4,176
Net income (loss)	$ (24,034)	$ (30,449)	$ 78,527	$ (21,909)
Net income (loss) per share:
Loss from continuing operations, Basic	$ (0.52)	$ (0.95)	$ (1.45)	$ (0.56)
Income from discontinued operations, Basic		0.29	3.08	0.09
Net income (loss), Basic	(0.52)	(0.66)	1.63	(0.47)
Loss from continuing operations, Diluted	(0.52)	(0.95)	(1.45)	(0.56)
Income from discontinued operations, Diluted		0.29	3.08	0.09
Net income (loss), Diluted	(0.52)	$ (0.66)	1.63	$ (0.47)
Dividends per common share	$ 0.125		$ 0.25
Weighted average shares outstanding:
Basic	46,570	46,443	46,684	46,414
Diluted	46,570	46,443	46,684	46,414

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Net income (loss)	$ (24,034)	$ (30,449)	$ 78,527	$ (21,909)
Unrealized gain from derivatives, net of benefit from income taxes of $161				(298)
Net change in unrealized gains and losses on marketable securities, net of benefit from income taxes of $46, $2,380 and $7,521		(86)	(4,418)	(13,966)
Other comprehensive loss		(86)	(4,418)	(14,264)
Comprehensive income (loss)	$ (24,034)	$ (30,535)	$ 74,109	$ (36,173)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=6518256

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
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-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.22)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6519514

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
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-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e565-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 19
-Article 5

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9

+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Unrealized gain from derivatives, income tax benefit			$ 161
Net change in unrealized gains and losses on marketable securities, income tax benefit	$ 46	$ 2,380	$ 7,521

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) - 9 months ended Sep. 30, 2013 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning Balance at Dec. 31, 2012	$ 933,534	$ 24,204	$ 480,595	$ 424,317	$ 4,418
Beginning Balance, Shares at Dec. 31, 2012		48,409,000
Stock-based compensation	9,561	$ 9	9,552
Stock-based compensation, Shares		18,000
Tax withholdings related to stock grants	(1,680)	$ (55)	(1,625)
Tax withholdings related to stock grants, Shares		(111,000)
Excess income taxes related to stock-based compensation	(2,016)		(2,016)
Repurchases of common stock	$ (9,232)	$ (316)	(8,916)
Repurchases of common stock, Shares	(631,096)	(631,000)
Net income	$ 78,527			78,527
Dividends paid	(12,037)			(12,037)
Other comprehensive loss	(4,418)				$ (4,418)
Ending Balance at Sep. 30, 2013	$ 992,239	$ 23,842	$ 477,590	$ 490,807
Ending Balance, Shares at Sep. 30, 2013		47,685,000

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 78,527	$ (21,909)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Income from discontinued operations	(148,609)	(4,176)
Gain on sale of assets	(5,793)	(50,892)
Deferred income taxes	(36,792)	(11,235)
Dry hole costs and lease impairments	14,903	2,685
Impairment of oil and gas properties	652	5,350
Depreciation, depletion and amortization	255,973	254,522
Unrealized loss (gain) from derivatives	11,962	(13,498)
Debt issuance cost and discount amortization	4,802	3,689
Stock-based compensation	9,561	10,189
Excess income taxes related to stock-based compensation	2,016	1,681
Decrease (increase) in accounts receivable	(48,185)	12,426
Decrease (increase) in other current assets	2,136	(1,713)
Increase in accounts payable and accrued liabilities	72,139	7,078
Net cash provided by continuing operations	213,292	194,197
Net cash provided by (used for) discontinued operations	(7,730)	31,501
Net cash provided by operating activities	205,562	225,698
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(250,353)	(318,742)
Proceeds from asset sales	13,215	179,641
Investing activities of continuing operations	(237,138)	(139,101)
Cash flows from investing activities of discontinued operations:
Capital expenditures	(101,037)	(149,768)
Proceeds from sale of oil and gas properties	823,701	24,750
Net cash provided by (used for) investing activities of discontinued operations	722,664	(125,018)
Net cash provided by (used for) investing activities	485,526	(264,119)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings	95,000	430,912
Principal payments on debt	(537,225)	(390,000)
Debt issuance costs	(16)	(6,701)
Tax withholding related to stock grants	(1,680)
Excess income taxes from stock-based compensation	(2,016)	(1,681)
Repurchases of common stock	(9,232)
Dividends paid	(12,037)
Net cash provided by (used for) financing activities	(467,206)	32,530
Net increase (decrease) in cash and cash equivalents	223,882	(5,891)
Cash and cash equivalents, beginning of period	4,471	8,460
Cash and cash equivalents, end of period	$ 228,353	$ 2,569

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2013

Summary of Significant Accounting Policies

(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES –

Basis of Presentation

In management's opinion, the accompanying unaudited consolidated financial statements contain all adjustments (consisting solely of normal recurring adjustments) necessary to present fairly the financial position of Comstock Resources, Inc. and subsidiaries ("Comstock" or the "Company") as of September 30, 2013 and the related results of operations and cash flows for the three months and nine months ended September 30, 2013 and 2012.

The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States have been omitted pursuant to those rules and regulations, although Comstock believes that the disclosures made are adequate to make the information presented not misleading. These unaudited consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in Comstock's Annual Report on Form 10-K for the year ended December 31, 2012.

The results of operations for the three months and nine months ended September 30, 2013 are not necessarily an indication of the results expected for the full year.

These unaudited consolidated financial statements include the accounts of Comstock and its wholly owned and controlled subsidiaries. The consolidated financial statements for the nine months ended September 30, 2012 also include the accounts of a variable interest entity where the Company was the primary beneficiary of the arrangements. Intercompany balances and transactions have been eliminated in consolidation. In connection with a reverse like-kind exchange in accordance with Section 1031 of the Internal Revenue Code, the Company assigned the rights to acquire ownership of certain oil and gas properties acquired in 2011 to a variable interest entity formed by an exchange accommodation titleholder. The Company operated these properties pursuant to lease and management agreements with that entity, and had a call option which allowed the Company to terminate the exchange transaction at any time up and until the expiration date of the exchange. Because the Company was the primary beneficiary of these arrangements, all revenues and expenses incurred related to the properties are included in the Company's consolidated results of operations for the nine months ended September 30, 2012. These agreements terminated upon the transfer of the acquired properties from the exchange accommodation titleholder to Comstock in May 2012, when the exchange was finalized.

Reclassifications

Certain reclassifications have been made to prior period's financial statements, consisting primarily of reclassifications to reflect the Company's West Texas oil and gas properties as discontinued operations.

Marketable Securities

As of December 31, 2012, the Company held 600,000 shares of Stone Energy Corporation common stock which was reflected in the consolidated balance sheet as marketable securities. During the nine months ended September 30, 2013, these shares with a cost basis of $5.5 million were sold for proceeds of $13.4 million. Comstock realized a gain before income taxes of $7.9 million on the sale which is included in other income in the consolidated statements of operations. During the nine months ended September 30, 2012, the Company sold 1,206,000 shares of Stone Energy Corporation common stock for total proceeds of $37.7 million and realized a gain before income taxes of $26.6 million for the nine months ended September 30, 2012. The Company utilized the specific identification method to determine the cost of the securities that were sold.

Property and Equipment

The Company follows the successful efforts method of accounting for its oil and gas properties. Costs incurred to acquire oil and gas leasehold are capitalized. The Company also assesses the need for an impairment of the costs capitalized for its oil and gas properties on a property or cost center basis. Impairment charges related to the Company's oil and gas properties of $0.7 million and $5.4 million were recognized during the nine months ended September 30, 2013 and 2012, respectively.

Unproved oil and gas properties are periodically assessed and any impairment in value is charged to exploration expense. The costs of unproved properties which are determined to be productive are transferred to oil and gas properties and amortized on an equivalent unit-of-production basis. The Company's assessments of its unevaluated acreage have indicated that certain leases were expected to expire prior to the Company conducting drilling operations. Accordingly, impairment charges were recognized in exploration expense of $3.0 million and $1.4 million for the three months ended September 30, 2013 and 2012, respectively, and $14.9 million and $2.7 million for the nine months ended September 30, 2013 and 2012, respectively.

West Texas Divestiture

On May 14, 2013, the Company completed the sale of its oil and gas properties located in Reeves and Gaines counties in West Texas to third parties for $823.7 million and realized a gain of $230.6 million which is reflected as a component of income from discontinued operations in the nine months ended September 30, 2013.

Assets and liabilities of discontinued operations as of December 31, 2012 were as follows:


	(In thousands)
Accounts Receivable	$	5,924
Other Current Assets		1,644
Total Current Assets		7,568

Unproved Oil and Gas Properties		150,801
Proved Oil and Gas Properties:
Leasehold Costs		225,546
Wells and related equipment and facilities		180,475
Other		673
Accumulated depreciation, depletion and amortization		(46,129	)
Net Property and Equipment		511,366
Total Assets of Discontinued Operations	$	518,934

Accounts Payable	$	21,302
Accrued Liabilities		10,371
Reserve for Future Abandonment Costs		1,607
Liabilities of Discontinued Operations	$	33,280

Income (loss) from discontinued operations was comprised of the following:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013			2012
	(In thousands)
Revenues:
Oil and gas sales	$	—	$	15,754	$	25,125		$	34,078

Costs and expenses:
Production taxes		—		758		1,120			1,667
Gathering and transportation		—		349		501			758
Lease operating		—		2,541		9,853			5,587
Depletion, depreciation and amortization		—		7,694		8,649			13,888
Interest expense(1)		—		2,008		6,346			4,120
Total costs and expenses		—		13,350		26,469			26,020

Gain on sale of discontinued operations		—		—		230,637			—
Income from discontinued operations before income taxes		—		2,404		229,293			8,058

Benefit from (provision for) income taxes		—		11,359		(80,684	)		(3,882	)
Net income (loss) from discontinued operations	$	—	$	13,763	$	148,609		$	4,176


Net Production Data:
Oil (Mbbls)		—		172		270			369
Natural Gas (Mmcf)		—		202		410			474
Natural Gas Equivalent (Mmcfe)		—		1,235		2,031			2,686


	(1) Interest expense was allocated to discontinued operations based on the ratio of the net assets of discontinued operations to our consolidated net assets plus long-term debt. Interest expense is net of capitalized interest of $2,629 for the three months ended September 30, 2012 and $2,010 and $7,022 for the nine months ended September 30, 2013 and 2012, respectively.

Accrued Liabilities

Accrued liabilities at September 30, 2013 and December 31, 2012 consist of the following:

	As of September 30, 2013		As of December 31, 2012
	(In thousands)
Accrued drilling costs	$	12,868		$	4,726
Accrued interest		31,415			12,351
Accrued transportation costs payable		2,805			3,553
Accrued ad valorem taxes payable		4,500			—
Accrued oil and gas property acquisition costs		—			2,413
Advance from joint venture partner		—			7,286
Other accrued liabilities		9,098			6,672
	$	60,686		$	37,001

Reserve for Future Abandonment Costs

Comstock's asset retirement obligations relate to future plugging and abandonment expenses on its oil and gas properties and related facilities disposal. The following table summarizes the changes in Comstock's total estimated liability during the nine months ended September 30, 2013 and 2012:

	Nine Months Ended September 30,
	2013			2012
	(In thousands)
Future abandonment costs – beginning of period	$	16,387		$	13,997
Accretion expense – continuing operations		716			504
Accretion expense – discontinued operations		—			33
New wells placed on production – continuing operations		599			583
New wells placed on production – discontinued operations		—			645
Liabilities settled and assets disposed of – continuing operations		(555	)		(1,194	)
Liabilities settled and assets disposed of – discontinued operations		—			(23	)
Liabilities reclassified to discontinued operations		—			(1,395	)
Future abandonment costs – end of period	$	17,147		$	13,150

Derivative Financial Instruments and Hedging Activities

Comstock periodically uses swaps, floors and collars to hedge oil and natural gas prices and interest rates. Swaps are settled monthly based on differences between the prices specified in the instruments and the settlement prices of futures contracts. Generally, when the applicable settlement price is less than the price specified in the contract, Comstock receives a settlement from the counterparty based on the difference multiplied by the volume or amounts hedged. Similarly, when the applicable settlement price exceeds the price specified in the contract, Comstock pays the counterparty based on the difference. Comstock generally receives a settlement from the counterparty for floors when the applicable settlement price is less than the price specified in the contract, which is based on the difference multiplied by the volumes hedged. For collars, generally Comstock receives a settlement from the counterparty when the settlement price is below the floor and pays a settlement to the counterparty when the settlement price exceeds the cap. No settlement occurs when the settlement price falls between the floor and cap.

As of September 30, 2013, the Company had the following outstanding oil price derivatives:

Weighted-Average

Contract Price

Volume (barrels)

Contract Period

Crude Oil Price Swap Agreements

$98.67 per Barrel

540,000

October 2013 –

December 2013

Crude Oil Price Swap Agreements

$96.31 per Barrel

1,985,000

January 2014 –

December 2014

All of the Company's derivative financial instruments are used for risk management purposes and by policy none are held for trading or speculative purposes. Comstock minimizes credit risk to counterparties of its derivative financial instruments through formal credit policies, monitoring procedures, and diversification. All of Comstock’s derivative financial instruments are with parties that are lenders under its bank credit facility. The Company is not required to provide any credit support to its counterparties other than cross collateralization with the assets securing its bank credit facility. None of the Company's derivative financial instruments involve payment or receipt of premiums.

None of the derivative contracts have been designated as cash flow hedges. The Company recognizes the realized gains and losses and unrealized gains and losses due to the change in the fair value of its derivative financial instruments as separate components of other income (expenses). The Company had realized losses on its oil price swaps of $3.6 million and realized gains of $3.3 million during the three months ended September 30, 2013 and 2012, respectively, and realized gains of $1.6 million and $4.7 million during the nine months ended September 30, 2013 and 2012, respectively. The estimated fair value of the Company's derivative financial instruments, which equals their carrying value, was a net liability of $0.3 million as of September 30, 2013, comprised of a long term asset of $1.8 million and a current liability of $2.1 million, based on estimated settlement dates. The estimated fair value of the Company's derivative financial instruments at December 31, 2012 was$11.7 million which is reflected as a current asset. The Company had unrealized losses of $3.8 million and $11.1 million during the three months ended September 30, 2013 and 2012, respectively, due to the change in the fair value. The Company had unrealized losses of $12.0 million and unrealized gains of $13.5 million during the nine months ended September 30, 2013 and 2012, respectively, due to the change in the fair value.

Stock-Based Compensation

Comstock accounts for employee stock-based compensation under the fair value method. Compensation cost is measured at the grant date based on the fair value of the award and is recognized over the award vesting period. During the three months ended September 30, 2013 and 2012, the Company recognized $3.1 million and $3.3 million, respectively, of stock-based compensation expense within general and administrative expenses related to awards of restricted stock and performance stock units to its employees and directors. For the nine months ended September 30, 2013 and 2012, the Company recognized $9.6 million and $10.2 million, respectively, of stock-based compensation expense within general and administrative expenses.

As of September 30, 2013, Comstock had 1,519,889 shares of unvested restricted stock outstanding at a weighted average grant date fair value of $24.02 per share. Total unrecognized compensation cost related to unvested restricted stock grants of $12.0 million as of September 30, 2013 is expected to be recognized over a period of 1.9 years. As of September 30, 2013, Comstock had 249,302 performance stock units outstanding at a weighted average grant date fair value of $21.19 per unit. Total unrecognized compensation cost related to these grants of $2.9 million as of September 30, 2013 is expected to be recognized over a period of 1.6 years.

As of September 30, 2013, Comstock had outstanding options to purchase 115,150 shares of common stock at a weighted average exercise price of $32.90 per share. All of the stock options were exercisable and there were no unrecognized costs related to the stock options as of September 30, 2013. No stock options were exercised during the nine months ended September 30, 2013 or 2012.

Income Taxes

The following is an analysis of consolidated income tax benefit from continuing operations:

	Three Months Ended September 30,
	2013			2012			2013			2012
	(In thousands)
Current benefit	$	—	$		12	$		—	$		211
Deferred benefit		12,554			7,800			36,792			11,235
Benefit from income taxes	$	12,554	$		7,812	$		36,792	$		11,446

Deferred income taxes are provided to reflect the future tax consequences or benefits of differences between the tax basis of assets and liabilities and their reported amounts in the financial statements using enacted tax rates. The difference between the Company's effective tax rate and the 35% federal statutory rate is mainly caused by non-deductible stock compensation and state taxes. The impact of these items varies based upon the Company's projected full year income or loss and the jurisdictions that are expected to generate the projected income and/or losses.

The difference between the Company's customary rate of 35% and the effective tax rate on income before income taxes from continuing operations is due to the following:

	Three Months Ended September 30,								Nine Months Ended September 30,
	2013				2012				2013				2012
Tax at statutory rate		35.0		%		35.0		%		35.0		%		35.0		%
Tax effect of:
Nondeductible stock-based compensation		(0.6	)			(18.0	)			(1.1	)			(5.1	)
State income taxes, net of federal benefit		(0.3	)			(0.6	)			0.6				1.0
Other		0.3				(1.3	)			(0.1	)			(0.4	)
Effective tax rate		34.4		%		15.1		%		34.4		%		30.5		%

The Company's federal income tax returns for the years subsequent to December 31, 2007 remain subject to examination. The Company's income tax returns in major state income tax jurisdictions remain subject to examination from various periods subsequent to December 31, 2007. State tax returns in two state jurisdictions are currently under review. The Company has evaluated the preliminary findings in these jurisdictions and believes it is more likely than not that the ultimate resolution of these matters will not have a material effect on its financial statements. The Company currently believes that all other significant filing positions are highly certain and that all of its other significant income tax positions and deductions would be sustained under audit or the final resolution would not have a material effect on the consolidated financial statements. Therefore the Company has not established any significant reserves for uncertain tax positions.

Fair Value Measurements

The Company holds or has held certain items that are required to be measured at fair value. These include cash equivalents held in bank accounts and derivative financial instruments in the form of oil price swap agreements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A three-level hierarchy is followed for disclosure to show the extent and level of judgment used to estimate fair value measurements:

Level 1 – Inputs used to measure fair value are unadjusted quoted prices that are available in active markets for the identical assets or liabilities as of the reporting date.

Level 2 – Inputs used to measure fair value, other than quoted prices included in Level 1, are either directly or indirectly observable as of the reporting date through correlation with market data, including quoted prices for similar assets and liabilities in active markets and quoted prices in markets that are not active. Level 2 also includes assets and liabilities that are valued using models or other pricing methodologies that do not require significant judgment since the input assumptions used in the models, such as interest rates and volatility factors, are corroborated by readily observable data from actively quoted markets for substantially the full term of the financial instrument.

Level 3 – Inputs used to measure fair value are unobservable inputs that are supported by little or no market activity and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management's estimates of market participant assumptions.

The Company's cash equivalents and restricted cash valuations are a Level 1 measurement. The Company's oil price swap agreements are not traded on a public exchange, and their value is determined utilizing a discounted cash flow model based on inputs that are readily available in public markets and, accordingly, the valuation of these swap agreements is categorized as a Level 2 measurement.

The following table summarizes financial assets and liabilities accounted for at fair value as of September 30, 2013:

	Carrying Value Measured at Fair Value at September 30, 2013		Level 1		Level 2
	(In thousands)
Assets measured at fair value on a recurring basis:
Cash held in bank accounts	$	228,353	$	228,353	$	—
Derivative financial instruments		1,820		—		1,820
Total assets	$	230,173	$	228,353	$	1,820
Liabilities measured at fair value on a recurring basis:
Derivative financial instruments	$	2,131	$	—	$	2,131

The following table summarizes the changes in the fair values of derivative financial instruments, which are Level 2 assets (liabilities), for the three months and nine months ended September 30, 2013:

	Three Months Ended September 30, 2013			Nine Months Ended September 30, 2013
	(In thousands)
Balance at beginning of period	$	3,524		$	11,651
Purchases and settlements (net)		3,560			(1,641	)
Realized gains (losses) included in other income (expenses)		(3,560	)		1,641
Unrealized gains (losses) included in other income (expenses)		(3,835	)		(11,962	)
Balance at end of period	$	(311	)	$	(311	)

The following table presents the carrying amounts and estimated fair value of the Company's other financial instruments:

As of September 30, 2013

As of December 31, 2012

Carrying
Value

Fair
Value

Carrying
Value

Fair

Value

(In thousands)

Long-term debt, including current portion

883,897

994,186

1,324,383

1,382,000

The fair market value of the Company's fixed rate debt was based on the market prices as of September 30, 2013 and December 31, 2012, a Level 1 measurement. The fair value of the floating rate debt approximated its carrying value, a Level 2 measurement.

Earnings Per Share

Basic earnings per share is determined without the effect of any outstanding potentially dilutive stock options and diluted earnings per share is determined with the effect of outstanding stock options that are potentially dilutive. Unvested share-based payment awards containing nonforfeitable rights to dividends are considered to be participatory securities and are included in the computation of basic and diluted earnings per share pursuant to the two-class method. Performance share units ("PSUs") represent the right to receive a number of shares of the Company's common stock that may range from zero to up to three times the number of PSUs granted on the award date based on the achievement of certain performance measures during a performance period. The number of potentially dilutive shares related to PSUs is based on the number of shares, if any, which would be issuable at the end of the respective period, assuming that date was the end of the contingency period. The treasury stock method is used to measure the dilutive effect of PSUs.

Basic and diluted earnings per share for the three months and nine months ended September 30, 2013 and 2012 were determined as follows:

	Three Months Ended September 30,
	2013								2012
	Income (Loss)			Shares	Per Share			Income (Loss)				Shares		Per Share
	(In thousands, except per share amounts)
Net Loss From Continuing Operations	$	(24,034	)					$		(44,212	)
Loss Allocable to Unvested Stock Grants		—								—
Basic Net Loss From Continuing Operations Attributable to Common Stock	$	(24,034	)	46,570	$	(0.52	)	$		(44,212	)		46,443	$	(0.95	)
Effect of Dilutive Securities:
Stock Options		—		—						—			—
Performance Stock Units		—		—						—			—
Diluted Net Loss From Continuing Operations Attributable to Common Stock	$	(24,034	)	46,570	$	(0.52	)	$		(44,212	)		46,443	$	(0.95	)

Net Income From Discontinued Operations								$		13,763
Income Allocable to Unvested Stock Grants										—
Basic Net Income From Discontinued Operations Attributable to Common Stock								$		13,763			46,443	$	0.29
Effect of Dilutive Securities:
Stock Options										—			—
Performance Stock Units										—			—
Diluted Net Income From Discontinued Operations Attributable to Common Stock								$		13,763			46,443	$	0.29

	Nine Months Ended September 30,
	2013								2012
	Income (Loss)			Shares	Per Share			Income (Loss)				Shares		Per Share
	(In thousands, except per share amounts)
Net Loss From Continuing Operations	$	(70,082	)					$		(26,085	)
Loss Allocable to Unvested Stock Grants		2,254								—
Basic Net Loss From Continuing Operations Attributable to Common Stock	$	(67,828	)	46,684	$	(1.45	)	$		(26,085	)		46,414	$	(0.56	)
Effect of Dilutive Securities:
Stock Options		—		—						—			—
Performance Stock Units		—		—						—			—
Diluted Net Loss From Continuing Operations Attributable to Common Stock	$	(67,828	)	46,684	$	(1.45	)	$		(26,085	)		46,414	$	(0.56	)

Net Income From Discontinued Operations	$	148,609						$		4,176
Income Allocable to Unvested Stock Grants		(4,782	)							—
Basic Net Income From Discontinued Operations Attributable to Common Stock	$	143,827		46,684	$	3.08		$		4,176			46,414	$	0.09
Effect of Dilutive Securities:
Stock Options		—		—						—			—
Performance Stock Units		—		—						—			—
Diluted Net Income From Discontinued Operations Attributable to Common Stock	$	143,827		46,684	$	3.08		$		4,176			46,414	$	0.09

At September 30, 2013 and December 31, 2012, 1,519,889 and 1,960,835 shares of restricted stock, respectively, are included in common stock outstanding as such shares have a nonforfeitable right to participate in any dividends that might be declared and have the right to vote.

Weighted average shares of unvested restricted stock were as follows:

	Three Months Ended September 30,
	2013		2012		2013		2012
	(In thousands)
Unvested restricted stock		1,520		1,717		1,552		1,728

Options to purchase common stock and PSUs that were outstanding and that were excluded as anti-dilutive from the determination of diluted earnings per share are as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
	(In thousands except per share/unit data)
Weighted average anti-dilutive stock options		115			157			135			172
Weighted average exercise price per share	$	32.90	$		38.36	$		32.90	$		37.64
Weighted average performance share units		91			—			56			—
Weighted average grant date fair value per unit	$	21.19	$		—	$		21.15	$		—

For the three months and nine months ended September 30, 2013 and 2012, the excluded options that were anti-dilutive were at exercise prices in excess of the average stock price for each of the periods presented.

Supplementary Information With Respect to the Consolidated Statements of Cash Flows

For the purpose of the consolidated statements of cash flows, the Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. At September 30, 2013 and December 31, 2012 the Company's cash investments consisted of cash held in bank accounts.

The following is a summary of cash payments made for interest and income taxes:

	Nine Months Ended September 30,
	2013		2012
	(In thousands)
Cash Payments:
Interest payments	$	44,228	$	36,749
Income tax payments (refunds)	$	768	$	(58	)

The Company capitalizes interest on its unevaluated oil and gas property costs during periods when it is conducting exploration activity on this acreage. The Company capitalized interest of $0.7 million and $5.9 million for the three months ended September 30, 2013 and 2012, respectively, and $4.4 million and $16.5 million for the nine months ended September 30, 2013 and 2012, respectively.

Comprehensive Income (Loss)

Comprehensive income (loss) consists of the following:

	Three Months Ended September 30,
	2013			2012				2013				2012
	(In thousands)
Net income (loss)	$	(24,034	)	$	(30,449	)	$		78,527		$		(21,909	)
Other comprehensive income (loss):
Realized gains on marketable securities reclassified to gain on sale of marketable securities, net of a benefit from income taxes of $2,757 in 2013 and $9,318 in 2012		—			—				(5,120	)			(17,303	)
Unrealized gain from derivatives, net of a benefit from income taxes of $161 in 2012		—			—				—				(298	)
Unrealized gains (losses) on marketable securities, net of provision for (benefit from) income taxes of $- and $377 in 2013 and $(46) and $1,797 in 2012		—			(86	)			702				3,337
Total comprehensive income (loss)	$	(24,034	)	$	(30,535	)	$		74,109		$		(36,173	)

The following table provides a summary of the amounts included in accumulated other comprehensive income, net of income taxes, for the nine months ended September 30, 2013:

	Nine Months Ended September 30, 2013
	Marketable Securities
	(In thousands)
Balance as of beginning of period	$	4,418
Changes in value		702
Reclassification to earnings		(5,120	)
Balance as of September 30, 2013	$	—

STOCKHOLDERS EQUITY

9 Months Ended

Sep. 30, 2013

Stockholders Equity

(2) STOCKHOLDERS' EQUITY –

On each of May 15, 2013 and August 22, 2013, the Board of Directors declared a dividend of 12.5¢ per share on the Company's common stock to stockholders of record at the close of business on May 31, 2013 and September 6, 2013. Dividends in the aggregate amount of $12.0 million have been paid during 2013. The Board of Directors also approved an open market share repurchase plan which permits the Company to repurchase up to $100.0 million of its common stock on the open market. The Company made various open market purchases of 631,096 shares at an aggregate cost of $9.2 million under this plan during the three months and nine months ended September 30, 2013.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph d
-Article 4

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

+ Details

LONG-TERM DEBT

9 Months Ended

Sep. 30, 2013

LONG-TERM DEBT

(3) LONG-TERM DEBT –

At September 30, 2013, long-term debt was comprised of:

	(In thousands)
Bank credit facility	$	—
8 3/8% Senior Notes due 2017		295,637
7 3/4% Senior Notes due 2019		300,000
9 1/2% Senior Notes due 2020		288,260
		883,897
Less Current Portion of 8 3/8% Senior Notes		(195,637	)
	$	688,260

Comstock has a $850.0 million bank credit facility with Bank of Montreal, as the administrative agent. The outstanding balance under the bank credit facility was repaid in full with a portion of the proceeds from the West Texas divestiture. The credit facility is a five year revolving credit commitment that matures on November 30, 2015. Indebtedness under the credit facility is secured by substantially all of Comstock's assets and is guaranteed by all of its wholly owned subsidiaries. The credit facility is subject to borrowing base availability, which is redetermined semiannually based on the banks' estimates of the Company's future net cash flows of oil and gas properties. The borrowing base may be affected by the performance of Comstock's properties and changes in oil and natural gas prices. The determination of the borrowing base is at the sole discretion of the administrative agent and the bank group. As of September 30, 2013, the borrowing base was $500.0 million, all of which was available. Borrowings under the credit facility bear interest, based on the utilization of the borrowing base, at Comstock's option at either (1) LIBOR plus 1.75% to 2.75% or (2) the base rate (which is the higher of the administrative agent's prime rate, the federal funds rate plus 0.5% or 30 day LIBOR plus 1.0%) plus 0.75% to 1.75%. A commitment fee of 0.5% is payable annually on the unused borrowing base. The credit facility contains covenants that, among other things, limit the payment of cash dividends and repurchases of shares and the amount of consolidated debt that Comstock may incur and the ability to make certain loans and investments. The only financial covenants are the maintenance of a ratio of current assets, including availability under the bank credit facility, to current liabilities and maintenance of a leverage ratio. The Company was in compliance with these covenants as of September 30, 2013.

At September 30, 2013 Comstock had $297.8 million in principal amount of 83/8% senior notes outstanding which mature on October 15, 2017 (the "2017 Notes"). Interest on the 2017 Notes is payable semiannually on each April 15 and October 15. In June 2013, the Company repurchased $2.2 million in principal amount of the 2017 Notes at 103.3% of the par value. On September 13, 2013 the Company called all of the remaining 2017 Notes for redemption at the call price of 104.2% of par value and on October 15, 2013, Comstock redeemed the 2017 Senior Notes. The redemption amount of $310.2 million was funded with cash on hand of $210.2 million and borrowings under the Company's bank credit facility. As a result of this redemption, in the fourth quarter of 2013 the Company will realize a loss on early extinguishment of debt, before income taxes, of approximately $17.9 million comprised of the premium paid for the redemption, the costs incurred related to the redemption and the write-off of unamortized debt issuance costs, including original issuance discount. The Company has accordingly reclassified $195.6 million of the 2017 Notes in the accompanying financial statements as short term debt as a result of the early redemption.

In addition to the 2017 Notes, the Company has $300.0 million in principal amount of 73/4% senior notes (the "2019 Notes") which mature on April 1, 2019; interest is payable semiannually on each April 1 and October 1, and $300.0 million in principal amount of 91/2% senior notes (the "2020 Notes") that were issued in June 2012 and mature on June 15, 2020; interest is payable semi-annually on each June 15 and December 15. All of the notes are unsecured obligations of Comstock and are guaranteed by all of Comstock's material subsidiaries. Such subsidiary guarantors are 100% owned and all of the guarantees are full and unconditional and joint and several obligations. As of September 30, 2013, Comstock had no material assets or operations which were independent of its subsidiaries. There are no restrictions on the ability of Comstock to obtain funds from its subsidiaries through dividends or loans.

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2013

Commitments and Contingencies

(4) Commitments and Contingencies –

From time to time, Comstock is involved in certain litigation that arises in the normal course of its operations. The Company records a loss contingency for these matters when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company does not believe the resolution of these matters will have a material effect on the Company's financial position or results of operations. During the three months ended September 30, 2013, the Company incurred approximately $2.0 million for a settlement with a joint interest property owner which is included in (gain) loss on disposal of properties.

In connection with its exploration and development activities, the Company contracts for drilling rigs under terms of up to three years. As of September 30, 2013, the Company had commitments for contracted drilling services of $50.3 million.

The Company has entered into natural gas transportation and treating agreements through July 2019. Maximum commitments under these agreements as of September 30, 2013 totaled $21.1 million.

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2013

Basis of Presentation

The results of operations for the three months and nine months ended September 30, 2013 are not necessarily an indication of the results expected for the full year.

Reclassifications

Marketable Securities

Property and Equipment

West Texas Divestiture

Assets and liabilities of discontinued operations as of December 31, 2012 were as follows:


	(In thousands)
Accounts Receivable	$	5,924
Other Current Assets		1,644
Total Current Assets		7,568

Unproved Oil and Gas Properties		150,801
Proved Oil and Gas Properties:
Leasehold Costs		225,546
Wells and related equipment and facilities		180,475
Other		673
Accumulated depreciation, depletion and amortization		(46,129	)
Net Property and Equipment		511,366
Total Assets of Discontinued Operations	$	518,934

Accounts Payable	$	21,302
Accrued Liabilities		10,371
Reserve for Future Abandonment Costs		1,607
Liabilities of Discontinued Operations	$	33,280

Income (loss) from discontinued operations was comprised of the following:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013			2012
	(In thousands)
Revenues:
Oil and gas sales	$	—	$	15,754	$	25,125		$	34,078

Costs and expenses:
Production taxes		—		758		1,120			1,667
Gathering and transportation		—		349		501			758
Lease operating		—		2,541		9,853			5,587
Depletion, depreciation and amortization		—		7,694		8,649			13,888
Interest expense(1)		—		2,008		6,346			4,120
Total costs and expenses		—		13,350		26,469			26,020

Gain on sale of discontinued operations		—		—		230,637			—
Income from discontinued operations before income taxes		—		2,404		229,293			8,058

Benefit from (provision for) income taxes		—		11,359		(80,684	)		(3,882	)
Net income (loss) from discontinued operations	$	—	$	13,763	$	148,609		$	4,176


Net Production Data:
Oil (Mbbls)		—		172		270			369
Natural Gas (Mmcf)		—		202		410			474
Natural Gas Equivalent (Mmcfe)		—		1,235		2,031			2,686


	(1) Interest expense was allocated to discontinued operations based on the ratio of the net assets of discontinued operations to our consolidated net assets plus long-term debt. Interest expense is net of capitalized interest of $2,629 for the three months ended September 30, 2012 and $2,010 and $7,022 for the nine months ended September 30, 2013 and 2012, respectively.

Accrued Liabilities

Accrued liabilities at September 30, 2013 and December 31, 2012 consist of the following:

	As of September 30, 2013		As of December 31, 2012
	(In thousands)
Accrued drilling costs	$	12,868		$	4,726
Accrued interest		31,415			12,351
Accrued transportation costs payable		2,805			3,553
Accrued ad valorem taxes payable		4,500			—
Accrued oil and gas property acquisition costs		—			2,413
Advance from joint venture partner		—			7,286
Other accrued liabilities		9,098			6,672
	$	60,686		$	37,001

Reserve for Future Abandonment Costs

	Nine Months Ended September 30,
	2013			2012
	(In thousands)
Future abandonment costs – beginning of period	$	16,387		$	13,997
Accretion expense – continuing operations		716			504
Accretion expense – discontinued operations		—			33
New wells placed on production – continuing operations		599			583
New wells placed on production – discontinued operations		—			645
Liabilities settled and assets disposed of – continuing operations		(555	)		(1,194	)
Liabilities settled and assets disposed of – discontinued operations		—			(23	)
Liabilities reclassified to discontinued operations		—			(1,395	)
Future abandonment costs – end of period	$	17,147		$	13,150

Derivative Financial Instruments and Hedging Activities

As of September 30, 2013, the Company had the following outstanding oil price derivatives:

Weighted-Average

Contract Price

Volume (barrels)

Contract Period

Crude Oil Price Swap Agreements

$98.67 per Barrel

540,000

October 2013 –

December 2013

Crude Oil Price Swap Agreements

$96.31 per Barrel

1,985,000

January 2014 –

December 2014

Stock-Based Compensation

Income Taxes

The following is an analysis of consolidated income tax benefit from continuing operations:

	Three Months Ended September 30,
	2013			2012			2013			2012
	(In thousands)
Current benefit	$	—	$		12	$		—	$		211
Deferred benefit		12,554			7,800			36,792			11,235
Benefit from income taxes	$	12,554	$		7,812	$		36,792	$		11,446

The difference between the Company's customary rate of 35% and the effective tax rate on income before income taxes from continuing operations is due to the following:

	Three Months Ended September 30,								Nine Months Ended September 30,
	2013				2012				2013				2012
Tax at statutory rate		35.0		%		35.0		%		35.0		%		35.0		%
Tax effect of:
Nondeductible stock-based compensation		(0.6	)			(18.0	)			(1.1	)			(5.1	)
State income taxes, net of federal benefit		(0.3	)			(0.6	)			0.6				1.0
Other		0.3				(1.3	)			(0.1	)			(0.4	)
Effective tax rate		34.4		%		15.1		%		34.4		%		30.5		%

Fair Value Measurements

Level 1 – Inputs used to measure fair value are unadjusted quoted prices that are available in active markets for the identical assets or liabilities as of the reporting date.

The following table summarizes financial assets and liabilities accounted for at fair value as of September 30, 2013:

	Carrying Value Measured at Fair Value at September 30, 2013		Level 1		Level 2
	(In thousands)
Assets measured at fair value on a recurring basis:
Cash held in bank accounts	$	228,353	$	228,353	$	—
Derivative financial instruments		1,820		—		1,820
Total assets	$	230,173	$	228,353	$	1,820
Liabilities measured at fair value on a recurring basis:
Derivative financial instruments	$	2,131	$	—	$	2,131

	Three Months Ended September 30, 2013			Nine Months Ended September 30, 2013
	(In thousands)
Balance at beginning of period	$	3,524		$	11,651
Purchases and settlements (net)		3,560			(1,641	)
Realized gains (losses) included in other income (expenses)		(3,560	)		1,641
Unrealized gains (losses) included in other income (expenses)		(3,835	)		(11,962	)
Balance at end of period	$	(311	)	$	(311	)

The following table presents the carrying amounts and estimated fair value of the Company's other financial instruments:

As of September 30, 2013

As of December 31, 2012

Carrying
Value

Fair
Value

Carrying
Value

Fair

Value

(In thousands)

Long-term debt, including current portion

883,897

994,186

1,324,383

1,382,000

Earnings Per Share

Basic and diluted earnings per share for the three months and nine months ended September 30, 2013 and 2012 were determined as follows:

	Three Months Ended September 30,
	2013								2012
	Income (Loss)			Shares	Per Share			Income (Loss)				Shares		Per Share
	(In thousands, except per share amounts)
Net Loss From Continuing Operations	$	(24,034	)					$		(44,212	)
Loss Allocable to Unvested Stock Grants		—								—
Basic Net Loss From Continuing Operations Attributable to Common Stock	$	(24,034	)	46,570	$	(0.52	)	$		(44,212	)		46,443	$	(0.95	)
Effect of Dilutive Securities:
Stock Options		—		—						—			—
Performance Stock Units		—		—						—			—
Diluted Net Loss From Continuing Operations Attributable to Common Stock	$	(24,034	)	46,570	$	(0.52	)	$		(44,212	)		46,443	$	(0.95	)

Net Income From Discontinued Operations								$		13,763
Income Allocable to Unvested Stock Grants										—
Basic Net Income From Discontinued Operations Attributable to Common Stock								$		13,763			46,443	$	0.29
Effect of Dilutive Securities:
Stock Options										—			—
Performance Stock Units										—			—
Diluted Net Income From Discontinued Operations Attributable to Common Stock								$		13,763			46,443	$	0.29

	Nine Months Ended September 30,
	2013								2012
	Income (Loss)			Shares	Per Share			Income (Loss)				Shares		Per Share
	(In thousands, except per share amounts)
Net Loss From Continuing Operations	$	(70,082	)					$		(26,085	)
Loss Allocable to Unvested Stock Grants		2,254								—
Basic Net Loss From Continuing Operations Attributable to Common Stock	$	(67,828	)	46,684	$	(1.45	)	$		(26,085	)		46,414	$	(0.56	)
Effect of Dilutive Securities:
Stock Options		—		—						—			—
Performance Stock Units		—		—						—			—
Diluted Net Loss From Continuing Operations Attributable to Common Stock	$	(67,828	)	46,684	$	(1.45	)	$		(26,085	)		46,414	$	(0.56	)

Net Income From Discontinued Operations	$	148,609						$		4,176
Income Allocable to Unvested Stock Grants		(4,782	)							—
Basic Net Income From Discontinued Operations Attributable to Common Stock	$	143,827		46,684	$	3.08		$		4,176			46,414	$	0.09
Effect of Dilutive Securities:
Stock Options		—		—						—			—
Performance Stock Units		—		—						—			—
Diluted Net Income From Discontinued Operations Attributable to Common Stock	$	143,827		46,684	$	3.08		$		4,176			46,414	$	0.09

Weighted average shares of unvested restricted stock were as follows:

	Three Months Ended September 30,
	2013		2012		2013		2012
	(In thousands)
Unvested restricted stock		1,520		1,717		1,552		1,728

Options to purchase common stock and PSUs that were outstanding and that were excluded as anti-dilutive from the determination of diluted earnings per share are as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
	(In thousands except per share/unit data)
Weighted average anti-dilutive stock options		115			157			135			172
Weighted average exercise price per share	$	32.90	$		38.36	$		32.90	$		37.64
Weighted average performance share units		91			—			56			—
Weighted average grant date fair value per unit	$	21.19	$		—	$		21.15	$		—

Supplementary Information With Respect to the Consolidated Statements of Cash Flows

The following is a summary of cash payments made for interest and income taxes:

	Nine Months Ended September 30,
	2013		2012
	(In thousands)
Cash Payments:
Interest payments	$	44,228	$	36,749
Income tax payments (refunds)	$	768	$	(58	)

Comprehensive Income (Loss)

Comprehensive income (loss) consists of the following:

	Three Months Ended September 30,
	2013			2012				2013				2012
	(In thousands)
Net income (loss)	$	(24,034	)	$	(30,449	)	$		78,527		$		(21,909	)
Other comprehensive income (loss):
Realized gains on marketable securities reclassified to gain on sale of marketable securities, net of a benefit from income taxes of $2,757 in 2013 and $9,318 in 2012		—			—				(5,120	)			(17,303	)
Unrealized gain from derivatives, net of a benefit from income taxes of $161 in 2012		—			—				—				(298	)
Unrealized gains (losses) on marketable securities, net of provision for (benefit from) income taxes of $- and $377 in 2013 and $(46) and $1,797 in 2012		—			(86	)			702				3,337
Total comprehensive income (loss)	$	(24,034	)	$	(30,535	)	$		74,109		$		(36,173	)

The following table provides a summary of the amounts included in accumulated other comprehensive income, net of income taxes, for the nine months ended September 30, 2013:

	Nine Months Ended September 30, 2013
	Marketable Securities
	(In thousands)
Balance as of beginning of period	$	4,418
Changes in value		702
Reclassification to earnings		(5,120	)
Balance as of September 30, 2013	$	—

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2013

Components of Assets and Liabilities of Discontinued Operations

Assets and liabilities of discontinued operations as of December 31, 2012 were as follows:


	(In thousands)
Accounts Receivable	$	5,924
Other Current Assets		1,644
Total Current Assets		7,568

Unproved Oil and Gas Properties		150,801
Proved Oil and Gas Properties:
Leasehold Costs		225,546
Wells and related equipment and facilities		180,475
Other		673
Accumulated depreciation, depletion and amortization		(46,129	)
Net Property and Equipment		511,366
Total Assets of Discontinued Operations	$	518,934

Accounts Payable	$	21,302
Accrued Liabilities		10,371
Reserve for Future Abandonment Costs		1,607
Liabilities of Discontinued Operations	$	33,280

Summary of Loss From Discontinued Operations

Income (loss) from discontinued operations was comprised of the following:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013			2012
	(In thousands)
Revenues:
Oil and gas sales	$	—	$	15,754	$	25,125		$	34,078

Costs and expenses:
Production taxes		—		758		1,120			1,667
Gathering and transportation		—		349		501			758
Lease operating		—		2,541		9,853			5,587
Depletion, depreciation and amortization		—		7,694		8,649			13,888
Interest expense(1)		—		2,008		6,346			4,120
Total costs and expenses		—		13,350		26,469			26,020

Gain on sale of discontinued operations		—		—		230,637			—
Income from discontinued operations before income taxes		—		2,404		229,293			8,058

Benefit from (provision for) income taxes		—		11,359		(80,684	)		(3,882	)
Net income (loss) from discontinued operations	$	—	$	13,763	$	148,609		$	4,176


Net Production Data:
Oil (Mbbls)		—		172		270			369
Natural Gas (Mmcf)		—		202		410			474
Natural Gas Equivalent (Mmcfe)		—		1,235		2,031			2,686


	(1) Interest expense was allocated to discontinued operations based on the ratio of the net assets of discontinued operations to our consolidated net assets plus long-term debt. Interest expense is net of capitalized interest of $2,629 for the three months ended September 30, 2012 and $2,010 and $7,022 for the nine months ended September 30, 2013 and 2012, respectively.

Summary of Accrued Liabilities

Accrued liabilities at September 30, 2013 and December 31, 2012 consist of the following:

	As of September 30, 2013		As of December 31, 2012
	(In thousands)
Accrued drilling costs	$	12,868		$	4,726
Accrued interest		31,415			12,351
Accrued transportation costs payable		2,805			3,553
Accrued ad valorem taxes payable		4,500			—
Accrued oil and gas property acquisition costs		—			2,413
Advance from joint venture partner		—			7,286
Other accrued liabilities		9,098			6,672
	$	60,686		$	37,001

Summary of Changes in Reserve for Future Abandonment Costs

	Nine Months Ended September 30,
	2013			2012
	(In thousands)
Future abandonment costs – beginning of period	$	16,387		$	13,997
Accretion expense – continuing operations		716			504
Accretion expense – discontinued operations		—			33
New wells placed on production – continuing operations		599			583
New wells placed on production – discontinued operations		—			645
Liabilities settled and assets disposed of – continuing operations		(555	)		(1,194	)
Liabilities settled and assets disposed of – discontinued operations		—			(23	)
Liabilities reclassified to discontinued operations		—			(1,395	)
Future abandonment costs – end of period	$	17,147		$	13,150

Summary of Outstanding Oil Price Derivatives

As of September 30, 2013, the Company had the following outstanding oil price derivatives:

Weighted-Average

Contract Price

Volume (barrels)

Contract Period

Crude Oil Price Swap Agreements

$98.67 per Barrel

540,000

October 2013 –

December 2013

Crude Oil Price Swap Agreements

$96.31 per Barrel

1,985,000

January 2014 –

December 2014

Income Tax Expense from Continuing Operations

The following is an analysis of consolidated income tax benefit from continuing operations:

	Three Months Ended September 30,
	2013			2012			2013			2012
	(In thousands)
Current benefit	$	—	$		12	$		—	$		211
Deferred benefit		12,554			7,800			36,792			11,235
Benefit from income taxes	$	12,554	$		7,812	$		36,792	$		11,446

Difference Between Customary Rate and Effective Tax Rate on Income Before Income Taxes Due

The difference between the Company's customary rate of 35% and the effective tax rate on income before income taxes from continuing operations is due to the following:

	Three Months Ended September 30,								Nine Months Ended September 30,
	2013				2012				2013				2012
Tax at statutory rate		35.0		%		35.0		%		35.0		%		35.0		%
Tax effect of:
Nondeductible stock-based compensation		(0.6	)			(18.0	)			(1.1	)			(5.1	)
State income taxes, net of federal benefit		(0.3	)			(0.6	)			0.6				1.0
Other		0.3				(1.3	)			(0.1	)			(0.4	)
Effective tax rate		34.4		%		15.1		%		34.4		%		30.5		%

Summary of Financial Assets and Liabilities at Fair Value

The following table summarizes financial assets and liabilities accounted for at fair value as of September 30, 2013:

	Carrying Value Measured at Fair Value at September 30, 2013		Level 1		Level 2
	(In thousands)
Assets measured at fair value on a recurring basis:
Cash held in bank accounts	$	228,353	$	228,353	$	—
Derivative financial instruments		1,820		—		1,820
Total assets	$	230,173	$	228,353	$	1,820
Liabilities measured at fair value on a recurring basis:
Derivative financial instruments	$	2,131	$	—	$	2,131

Summary of Changes in Fair Value Level 2 Assets of Derivative Financial Instruments

	Three Months Ended September 30, 2013			Nine Months Ended September 30, 2013
	(In thousands)
Balance at beginning of period	$	3,524		$	11,651
Purchases and settlements (net)		3,560			(1,641	)
Realized gains (losses) included in other income (expenses)		(3,560	)		1,641
Unrealized gains (losses) included in other income (expenses)		(3,835	)		(11,962	)
Balance at end of period	$	(311	)	$	(311	)

Carrying Amounts and Estimated Fair Value of Other Financial Instruments

The following table presents the carrying amounts and estimated fair value of the Company's other financial instruments:

As of September 30, 2013

As of December 31, 2012

Carrying
Value

Fair
Value

Carrying
Value

Fair

Value

(In thousands)

Long-term debt, including current portion

883,897

994,186

1,324,383

1,382,000

Basic and Diluted Earnings Per Share

Basic and diluted earnings per share for the three months and nine months ended September 30, 2013 and 2012 were determined as follows:

	Three Months Ended September 30,
	2013								2012
	Income (Loss)			Shares	Per Share			Income (Loss)				Shares		Per Share
	(In thousands, except per share amounts)
Net Loss From Continuing Operations	$	(24,034	)					$		(44,212	)
Loss Allocable to Unvested Stock Grants		—								—
Basic Net Loss From Continuing Operations Attributable to Common Stock	$	(24,034	)	46,570	$	(0.52	)	$		(44,212	)		46,443	$	(0.95	)
Effect of Dilutive Securities:
Stock Options		—		—						—			—
Performance Stock Units		—		—						—			—
Diluted Net Loss From Continuing Operations Attributable to Common Stock	$	(24,034	)	46,570	$	(0.52	)	$		(44,212	)		46,443	$	(0.95	)

Net Income From Discontinued Operations								$		13,763
Income Allocable to Unvested Stock Grants										—
Basic Net Income From Discontinued Operations Attributable to Common Stock								$		13,763			46,443	$	0.29
Effect of Dilutive Securities:
Stock Options										—			—
Performance Stock Units										—			—
Diluted Net Income From Discontinued Operations Attributable to Common Stock								$		13,763			46,443	$	0.29

	Nine Months Ended September 30,
	2013								2012
	Income (Loss)			Shares	Per Share			Income (Loss)				Shares		Per Share
	(In thousands, except per share amounts)
Net Loss From Continuing Operations	$	(70,082	)					$		(26,085	)
Loss Allocable to Unvested Stock Grants		2,254								—
Basic Net Loss From Continuing Operations Attributable to Common Stock	$	(67,828	)	46,684	$	(1.45	)	$		(26,085	)		46,414	$	(0.56	)
Effect of Dilutive Securities:
Stock Options		—		—						—			—
Performance Stock Units		—		—						—			—
Diluted Net Loss From Continuing Operations Attributable to Common Stock	$	(67,828	)	46,684	$	(1.45	)	$		(26,085	)		46,414	$	(0.56	)

Net Income From Discontinued Operations	$	148,609						$		4,176
Income Allocable to Unvested Stock Grants		(4,782	)							—
Basic Net Income From Discontinued Operations Attributable to Common Stock	$	143,827		46,684	$	3.08		$		4,176			46,414	$	0.09
Effect of Dilutive Securities:
Stock Options		—		—						—			—
Performance Stock Units		—		—						—			—
Diluted Net Income From Discontinued Operations Attributable to Common Stock	$	143,827		46,684	$	3.08		$		4,176			46,414	$	0.09

Weighted Average Shares of Unvested Restricted Stock

Weighted average shares of unvested restricted stock were as follows:

	Three Months Ended September 30,
	2013		2012		2013		2012
	(In thousands)
Unvested restricted stock		1,520		1,717		1,552		1,728

Common Stock Stock Options Excluded as Anti-Dilutive from Determination of Diluted Earnings Per Share

Options to purchase common stock and PSUs that were outstanding and that were excluded as anti-dilutive from the determination of diluted earnings per share are as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
	(In thousands except per share/unit data)
Weighted average anti-dilutive stock options		115			157			135			172
Weighted average exercise price per share	$	32.90	$		38.36	$		32.90	$		37.64
Weighted average performance share units		91			—			56			—
Weighted average grant date fair value per unit	$	21.19	$		—	$		21.15	$		—

Cash Payments Made for Interest and Income Taxes

The following is a summary of cash payments made for interest and income taxes:

	Nine Months Ended September 30,
	2013		2012
	(In thousands)
Cash Payments:
Interest payments	$	44,228	$	36,749
Income tax payments (refunds)	$	768	$	(58	)

Comprehensive Loss

Comprehensive income (loss) consists of the following:

	Three Months Ended September 30,
	2013			2012				2013				2012
	(In thousands)
Net income (loss)	$	(24,034	)	$	(30,449	)	$		78,527		$		(21,909	)
Other comprehensive income (loss):
Realized gains on marketable securities reclassified to gain on sale of marketable securities, net of a benefit from income taxes of $2,757 in 2013 and $9,318 in 2012		—			—				(5,120	)			(17,303	)
Unrealized gain from derivatives, net of a benefit from income taxes of $161 in 2012		—			—				—				(298	)
Unrealized gains (losses) on marketable securities, net of provision for (benefit from) income taxes of $- and $377 in 2013 and $(46) and $1,797 in 2012		—			(86	)			702				3,337
Total comprehensive income (loss)	$	(24,034	)	$	(30,535	)	$		74,109		$		(36,173	)

Accumulated Other Comprehensive Income, Net of Income Taxes

The following table provides a summary of the amounts included in accumulated other comprehensive income, net of income taxes, for the nine months ended September 30, 2013:

	Nine Months Ended September 30, 2013
	Marketable Securities
	(In thousands)
Balance as of beginning of period	$	4,418
Changes in value		702
Reclassification to earnings		(5,120	)
Balance as of September 30, 2013	$	—

LONG-TERM DEBT (Tables)

9 Months Ended

Sep. 30, 2013

Long-term Debt

At September 30, 2013, long-term debt was comprised of:

	(In thousands)
Bank credit facility	$	—
8 3/8% Senior Notes due 2017		295,637
7 3/4% Senior Notes due 2019		300,000
9 1/2% Senior Notes due 2020		288,260
		883,897
Less Current Portion of 8 3/8% Senior Notes		(195,637	)
	$	688,260

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Components of Assets and Liabilities of Discontinued Operations (Detail) $ in Thousands	Dec. 31, 2012 USD ($)
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Accounts Receivable	$ 5,924
Other Current Assets	1,644
Total Current Assets	7,568
Unproved Oil and Gas Properties	150,801
Proved Oil and Gas Properties:
Leasehold Costs	225,546
Wells and related equipment and facilities	180,475
Other	673
Accumulated depreciation, depletion and amortization	(46,129)
Net Property and Equipment	511,366
Total Assets of Discontinued Operations	518,934
Accounts Payable	21,302
Accrued Liabilities	10,371
Reserve for Future Abandonment Costs	1,607
Liabilities of Discontinued Operations	$ 33,280

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Income Loss from Discontinued Operations (Detail)
Mcfe in Thousands, $ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2013

USD ($)

Mcfe

MBbls

MMcf

Sep. 30, 2012

USD ($)

Mcfe

MBbls

MMcf

Sep. 30, 2013

USD ($)

Mcfe

MBbls

MMcf

Sep. 30, 2012

USD ($)

Mcfe

MBbls

MMcf

Revenues:

Oil and gas sales

$ 15,754

$ 25,125

$ 34,078

Costs and expenses:

Production taxes

758

1,120

1,667

Gathering and transportation

349

501

758

Lease operating

2,541

9,853

5,587

Depletion, depreciation and amortization

7,694

8,649

13,888

Interest expense

^[1]

2,008

6,346

4,120

Total costs and expenses

13,350

26,469

26,020

Gain on sale of discontinued operations

230,637

Income from discontinued operations before income taxes

2,404

229,293

8,058

Benefit from (provision for) income taxes

11,359

(80,684)

(3,882)

Net income (loss) from discontinued operations

$ 13,763

$ 148,609

$ 4,176

Net Production Data:

Oil (Mbbls) | MBbls

172

270

369

Natural Gas (Mmcf) | MMcf

202

410

474

Natural Gas Equivalent (Mmcfe) | Mcfe

1,235

2,031

2,686

[1]

Interest expense was allocated to discontinued operations based on the ratio of the net assets of discontinued operations to our consolidated net assets plus long-term debt. Interest expense is net of capitalized interest of $2,629 for the three months ended September 30, 2012 and $2,010 and $7,022 for the nine months ended September 30, 2013 and 2012, respectively.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Income Loss from Discontinued Operations (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Capitalized interest related to Discontinued Operations	$ 2,629	$ 2,010	$ 7,022

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Accrued Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2013	Dec. 31, 2012
Schedule Of Accrued Liabilities [Line Items]
Accrued drilling costs	$ 12,868	$ 4,726
Accrued interest	31,415	12,351
Accrued transportation costs payable	2,805	3,553
Accrued ad valorem taxes payable	4,500
Accrued oil and gas property acquisition costs		2,413
Advance from joint venture partner		7,286
Other accrued liabilities	9,098	6,672
Total accrued liabilities	$ 60,686	$ 37,001

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Changes in Reserve for Future Abandonment Costs (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Asset Retirement Obligations [Line Items]
Future abandonment costs – beginning of period	$ 16,387	$ 13,997
Liabilities reclassified to discontinued operations		(1,395)
Future abandonment costs – end of period	17,147	13,150
Continuing Operations
Asset Retirement Obligations [Line Items]
Accretion expense	716	504
New wells placed on production	599	583
Liabilities settled and assets disposed of	(555)	(1,194)
Discontinued Operations
Asset Retirement Obligations [Line Items]
Accretion expense		33
New wells placed on production		645
Liabilities settled and assets disposed of		$ (23)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Outstanding Commodity Derivatives (Detail)	Sep. 30, 2013 $ / bbl bbl
Crude Oil Price Swap Agreements One
Derivative [Line Items]
Commodity Derivatives Weighted Average Contract Price \| $ / bbl	98.67
Commodity Derivatives Volume \| bbl	540,000
Commodity Derivatives Beginning of Remaining Contract Period	October 2013
Commodity Derivatives End of Remaining Contract Period	December 2013
Crude Oil Price Swap Agreements Two
Derivative [Line Items]
Commodity Derivatives Weighted Average Contract Price \| $ / bbl	96.31
Commodity Derivatives Volume \| bbl	1,985,000
Commodity Derivatives Beginning of Remaining Contract Period	January 2014
Commodity Derivatives End of Remaining Contract Period	December 2014

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Tax Expense from Continuing Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Income Tax Expense Benefit From Continuing Operations [Line Items]
Current benefit		$ 12		$ 211
Deferred benefit	$ 12,554	7,800	$ 36,792	11,235
Benefit from income taxes	$ 12,554	$ 7,812	$ 36,792	$ 11,446

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Difference Between Customary Rate and Effective Tax Rate on Income Before Income Taxes Due (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Line Items]
Tax at statutory rate	35.00%	35.00%	35.00%	35.00%
Tax effect of:
Nondeductible stock-based compensation	(0.60%)	(18.00%)	(1.10%)	(5.10%)
State income taxes, net of federal benefit	(0.30%)	(0.60%)	0.60%	1.00%
Other	0.30%	(1.30%)	(0.10%)	(0.40%)
Effective tax rate	34.40%	15.10%	34.40%	30.50%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Financial Assets and Liabilities at Fair Value (Detail) $ in Thousands	Sep. 30, 2013 USD ($)
Liabilities measured at fair value on a recurring basis:
Derivative financial instruments	$ 300
Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis:
Cash held in bank accounts	228,353
Derivative financial instruments	1,820
Total assets	230,173
Liabilities measured at fair value on a recurring basis:
Derivative financial instruments	2,131
Fair Value, Measurements, Recurring \| Level 1
Assets measured at fair value on a recurring basis:
Cash held in bank accounts	228,353
Total assets	228,353
Liabilities measured at fair value on a recurring basis:
Derivative financial instruments
Fair Value, Measurements, Recurring \| Level 2
Assets measured at fair value on a recurring basis:
Derivative financial instruments	1,820
Total assets	1,820
Liabilities measured at fair value on a recurring basis:
Derivative financial instruments	$ 2,131

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Changes in Fair Value Level 2 Assets (Liabilities) of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013
Balance at beginning of period	$ 3,524	$ 11,651
Purchases and settlements (net)	3,560	(1,641)
Realized gains (losses) included in other income (expenses)	(3,560)	1,641
Unrealized gains (losses) included in other income (expenses)	(3,835)	(11,962)
Balance at end of period	$ (3,524)	$ (11,651)	$ (311)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Carrying Amounts and Estimated Fair Value of Other Financial Instruments (Detail) - USD ($) $ in Thousands	Sep. 30, 2013	Dec. 31, 2012
Long-term debt, including current portion, Carrying Value	$ 883,897	$ 1,324,383
Long-term debt, including current portion, Fair Value	$ 994,186	$ 1,382,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Earnings Per Share [Line Items]
Net Loss From Continuing Operations	$ (24,034)	$ (44,212)	$ (70,082)	$ (26,085)
Net Income From Discontinued Operations		$ 13,763	$ 148,609	$ 4,176
Basic Net Loss Attributable to Common Stock, Shares	46,570	46,443	46,684	46,414
Diluted Net Loss Attributable to Common Stock, Shares	46,570	46,443	46,684	46,414
Basic Net Loss From Continuing Operations Attributable to Common Stock, Per Share	$ (0.52)	$ (0.95)	$ (1.45)	$ (0.56)
Diluted Net Loss From Continuing Operations Attributable to Common Stock, Per Share	$ (0.52)	(0.95)	(1.45)	(0.56)
Basic Net Income From Discontinued Operations Attributable to Common Stock, Per Share		0.29	3.08	0.09
Diluted Net Income From Discontinued Operations Attributable to Common Stock, Per Share		$ 0.29	$ 3.08	$ 0.09
Continuing Operations
Earnings Per Share [Line Items]
Net Loss From Continuing Operations	$ (24,034)	$ (44,212)	$ (70,082)	$ (26,085)
(Income) Loss Allocable to Unvested Stock Grants			2,254
Basic Net Loss Attributable to Common Stock	(24,034)	(44,212)	(67,828)	(26,085)
Effect of Dilutive Securities: Stock Options
Effect of Dilutive Securities: Performance Stock Units
Diluted Net Loss Attributable to Common Stock	$ (24,034)	$ (44,212)	$ (67,828)	$ (26,085)
Basic Net Loss Attributable to Common Stock, Shares	46,570	46,443	46,684	46,414
Effect of Dilutive Securities: Stock Options, Shares
Effect of Dilutive Securities: Performance Stock Units, Shares
Diluted Net Loss Attributable to Common Stock, Shares	46,570	46,443	46,684	46,414
Basic Net Loss From Continuing Operations Attributable to Common Stock, Per Share	$ (0.52)	$ (0.95)	$ (1.45)	$ (0.56)
Diluted Net Loss From Continuing Operations Attributable to Common Stock, Per Share	$ (0.52)	$ (0.95)	$ (1.45)	$ (0.56)
Discontinued Operations
Earnings Per Share [Line Items]
Net Income From Discontinued Operations		$ 13,763	$ 148,609	$ 4,176
(Income) Loss Allocable to Unvested Stock Grants			(4,782)
Basic Net Loss Attributable to Common Stock		13,763	143,827	4,176
Effect of Dilutive Securities: Stock Options
Effect of Dilutive Securities: Performance Stock Units
Diluted Net Loss Attributable to Common Stock		$ 13,763	$ 143,827	$ 4,176
Basic Net Loss Attributable to Common Stock, Shares		46,443	46,684	46,414
Effect of Dilutive Securities: Stock Options, Shares
Effect of Dilutive Securities: Performance Stock Units, Shares
Diluted Net Loss Attributable to Common Stock, Shares		46,443	46,684	46,414
Basic Net Income From Discontinued Operations Attributable to Common Stock, Per Share		$ 0.29	$ 3.08	$ 0.09
Diluted Net Income From Discontinued Operations Attributable to Common Stock, Per Share		$ 0.29	$ 3.08	$ 0.09

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Weighted Average Shares of Unvested Restricted Stock (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Unvested restricted stock	1,520	1,717	1,552	1,728

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Common Stock Stock Options Excluded as Anti-Dilutive from Determination of Diluted Earnings Per Share (Detail) shares in Thousands, Unit in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2013 Unit $ / shares $ / EquityUnit shares	Sep. 30, 2012 $ / shares shares	Sep. 30, 2013 Unit $ / shares $ / EquityUnit shares	Sep. 30, 2012 $ / shares shares
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted average anti-dilutive stock options \| shares	115	157	135	172
Weighted average exercise price per share \| $ / shares	$ 32.90	$ 38.36	$ 32.90	$ 37.64
Performance Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted average performance share units \| Unit	91		56
Weighted average grant date fair value per unit \| $ / EquityUnit	21.19		21.15

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash Payments Made for Interest and Income Taxes (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Cash Payments:
Interest payments	$ 44,228	$ 36,749
Income tax payments (refunds)	$ 768	$ (58)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2013 USD ($) $ / shares shares	Sep. 30, 2012 USD ($)	Sep. 30, 2013 USD ($) shares Jurisdictions $ / shares	Sep. 30, 2012 USD ($) shares	May 14, 2013 USD ($)	Dec. 31, 2012 USD ($) shares
Operations And Summary Of Significant Accounting Policies [Line Items]
Impairment charges related to oil and gas properties			$ 700	$ 5,400
Impairment charges for unevaluated properties	$ 3,000	$ 1,400	14,900	2,700
Sale price of discontinued properties					$ 823,700
Realized gain on discontinued properties, net of taxes			230,600
Realized gains (losses) on oil price swaps	3,600	3,300	1,600	4,700
Derivative financial instrument - Current Asset						$ 11,651
Derivative financial instrument - Net Liability	300		300
Derivative financial instrument - Long Term Asset	1,820		1,820
Derivative financial instrument - Current Liability	2,131		2,131
Unrealized gain (loss) from derivatives	$ (3,835)	$ (11,112)	(11,962)	13,498
Stock-based compensation expense recognized			$ 9,561	$ 10,189
Customary rate	35.00%	35.00%	35.00%	35.00%
State jurisdictions currently under review \| Jurisdictions			2
Shares of unvested restricted stock outstanding \| shares	1,519,889		1,519,889			1,960,835
Interest costs, capitalized during period	$ 700	$ 5,900	$ 4,400	$ 16,500
Stock Options
Operations And Summary Of Significant Accounting Policies [Line Items]
Number of Options Outstanding \| shares	115,150		115,150
Weighted average exercise price \| $ / shares	$ 32.90		$ 32.90
Unrecognized compensation cost	$ 0		$ 0
Number of option, Exercised \| shares			0	0
Restricted Stock
Operations And Summary Of Significant Accounting Policies [Line Items]
Unrecognized compensation cost	$ 12,000		$ 12,000
Shares of unvested restricted stock outstanding \| shares	1,519,889		1,519,889
Weighted average grant date fair value of restricted stock grants per share \| $ / shares	$ 24.02		$ 24.02
Period in which compensation cost expected to be recognized			1 year 10 months 24 days
Performance Stock Units
Operations And Summary Of Significant Accounting Policies [Line Items]
Unrecognized compensation cost	$ 2,900		$ 2,900
Period in which compensation cost expected to be recognized			1 year 7 months 6 days
Number of performance share units, outstanding \| shares			249,302
Grant date fair value of share units, per unit \| $ / shares			$ 21.19
Performance Multiplier, minimum			0.00%
Performance Multiplier, maximum			300.00%
General and Administrative Expense
Operations And Summary Of Significant Accounting Policies [Line Items]
Stock-based compensation expense recognized	3,100	$ 3,300	$ 9,600	$ 10,200
Common Stock Marketable Securities
Operations And Summary Of Significant Accounting Policies [Line Items]
Shares of Stone Energy Corporation common stock held by company \| shares						600,000
Shares of Stone Energy Corporation common stock sold by Company \| shares				1,206,000
Proceeds from sale of Stone Energy Corporation common stock available for sale			13,400	$ 37,700
Realized gain on available-for-sale securities before income tax			7,900	$ 26,600
Cost basis of Stone Energy Corporation common stock sold	$ 5,500		$ 5,500

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Net income (loss)	$ (24,034)	$ (30,449)	$ 78,527	$ (21,909)
Other comprehensive income (loss):
Realized gains on marketable securities reclassified to gain on sale of marketable securities, net of a benefit from income taxes of $2,757 in 2013 and $9,318 in 2012			(5,120)	(17,303)
Unrealized gain from derivatives, net of a benefit from income taxes of $161 in 2012				(298)
Unrealized gains (losses) on marketable securities, net of provision for (benefit from) income taxes of $- and $377 in 2013 and $(46) and $1,797 in 2012		(86)	702	3,337
Total comprehensive income (loss)	$ (24,034)	$ (30,535)	$ 74,109	$ (36,173)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Benefit from income taxes on realized gains on marketable securities reclassified to gain on sale of marketable securities			$ (2,757)	$ (9,318)
Benefit from income taxes on unrealized gain from derivatives				(161)
Provision for (benefit from) income taxes on unrealized gains (losses) on marketable securities		$ (46)	$ 377	$ 1,797

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accumulated Other Comprehensive Income, Net of Income Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2012
Beginning Balance, Marketable Securities		$ 4,418
Changes in value, Marketable Securities		702
Reclassification to earnings, Marketable Securities		(5,120)	$ (17,303)
Ending Balance, Marketable Securities

STOCKHOLDERS' EQUITY - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended	9 Months Ended
	Sep. 30, 2013	May 31, 2013	Sep. 30, 2013	Sep. 30, 2013
Dividends per common share	$ 0.125	$ 0.125	$ 0.125	$ 0.25
Dividends payable, date declared	Aug. 22, 2013	May 15, 2013
Dividends payable, date of record	Sep. 06, 2013	May 31, 2013
Approved amount for open market repurchase of common stock		$ 100,000
Dividend paid				$ 12,000
Number of Stock Purchased Under Open Market			631,096	631,096
Stock Purchased Under Open Market Amount			$ 9,232	$ 9,232

LONG-TERM DEBT - Long-Term Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2013	Dec. 31, 2012
Debt Instrument [Line Items]
Long-term Debt	$ 883,897	$ 1,324,383
Less Current Portion of Long-term Debt	(195,637)
Long-term Debt	688,260	$ 1,324,383
Bank credit facility
Debt Instrument [Line Items]
Long-term Debt
8 3/8% Senior Notes due 2017
Debt Instrument [Line Items]
Long-term Debt	295,637
Less Current Portion of Long-term Debt	(195,637)
7 3/4% Senior Notes due 2019
Debt Instrument [Line Items]
Long-term Debt	300,000
9 1/2% Senior Notes due 2020
Debt Instrument [Line Items]
Long-term Debt	$ 288,260

LONG-TERM DEBT - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Oct. 15, 2013	Sep. 30, 2013	Sep. 30, 2012	Jun. 05, 2013
Debt Instrument [Line Items]
Repayments of Long-term Debt		$ 537,225	$ 390,000
Reclassified as short term debt		195,637
Bank credit facility
Debt Instrument [Line Items]
Bank credit facility		$ 850,000
Line of credit facility commitment term (in years)		5 years
Maturity of credit facility		Nov. 30, 2015
Borrowing base		$ 500,000
Availability of borrowing base		$ 500,000
Stated percentage over federal funds rate to calculate base rate		0.50%
Stated percentage over 30 day LIBOR to calculate base rate		1.00%
Minimum spread rate over base rate for interest rate on credit facility		0.75%
Maximum spread rate over base rate for interest rate on credit facility		1.75%
Commitment fee on unused borrowing base		0.50%
Ownership percentage of guarantor subsidiary		100.00%
Bank credit facility \| Minimum
Debt Instrument [Line Items]
Spread rate over LIBOR for interest rate on credit facility		1.75%
Bank credit facility \| Maximum
Debt Instrument [Line Items]
Spread rate over LIBOR for interest rate on credit facility		2.75%
7 3/4% Senior Notes due 2019
Debt Instrument [Line Items]
Interest rate on senior notes		7.75%
Maturity of senior notes		Apr. 01, 2019
Outstanding senior notes		$ 300,000
9 1/2% Senior Notes due 2020
Debt Instrument [Line Items]
Face amount of senior note				$ 300,000
Interest rate on senior notes		9.50%
Maturity of senior notes		Jun. 15, 2020
Outstanding senior notes		$ 300,000
8?3/8% Senior Notes due 2017
Debt Instrument [Line Items]
Interest rate on senior notes		8.375%
Maturity of senior notes		Oct. 15, 2017
Outstanding senior notes		$ 297,800
Principal amount of senior note repurchased		$ 2,200
Debt instrument repurchased as percentage of par value		103.30%
Debt instrument date of redemption notice		Sep. 13, 2013
Gains (Losses) on Extinguishment of Debt		$ 17,900
Reclassified as short term debt		$ 195,637
8?3/8% Senior Notes due 2017 \| Subsequent Event
Debt Instrument [Line Items]
Debt instrument date of actual redemption	Oct. 15, 2013
Debt instrument redemption value, percentage	104.20%
Repayments of Long-term Debt	$ 310,200
Cash on hand for debt redemption	$ 210,200

COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2013 USD ($)	Sep. 30, 2013 USD ($)
Commitments And Contingencies [Line Items]
Contract term related to drilling rigs		Up to three years
Commitments for contracted drilling services	$ 50.3	$ 50.3
Natural gas transportation and treating agreements		Through July 2019
Maximum commitments under natural gas transportation and treating agreements	21.1	$ 21.1
Accrued costs for Joint Interest Owner Settlement	$ 2.0